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A comprehensive report on the Northern Colorado real estate market including stats, graphs, & commentary. Residential Market Statistics for single family detached and attached homes provided by IRES. Please note that IRES no longer includes "to be built" and "under construction listings. For more information please call 223-2900 or visit www.fcbr.org/housingreports
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April 2013 Activity Snapshot
One-Year Change in One-Year Change inSold Listings Days on Market
2
Monthly Indicators
+ 17.4% - 23.4% + 1.5%One-Year Change in
The S&P/Case-Shiller Home Price Index recently showed that home prices in 20 major metropolitan areas had increased at the strongest pace since the bubble years. At long last, major national indices are telling the story that local MLS data users have known for months or even years. Yes, the housing market is recovering. The recovery varies by geography and market segment, but things are certainly better than they have been and are showing no signs of letting up.
Percent changes calculated using year-over-year comparisons.
Median Sales Price
Residential real estate activity in Area 9, comprised of single-family properties, townhomes and condominiums combined. Percent changes are calculated using rounded figures.
Market Overview 2346789
101112
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rketing. Current as of May 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing.
are certainly better than they have been and are showing no signs of letting up.
New Listings increased 0.6 percent to 479. Pending Sales were down 70.7 percent to 111. Inventory levels were at 1,138 units.
Prices moved higher. The Median Sales Price increased 1.5 percent to $235,000. Days on Market was down 23.4 percent to 82 days. Months Supply of Inventory was at 3.7 months.
The prickliest thorns in our collective side are still lack of inventory and subdued listing activity. In some neighborhoods, consumers have 50 or 60 percent fewer options from which to choose than they did a few years ago. That's causing bidding wars in popular areas. Despite the competitive landscape for buyers, housing remains one of the brightest lights in an otherwise subdued economic recovery.
Market OverviewNew Listings
Days on Market Until Sale
Pending SalesSold ListingsMedian Sales PriceAverage Sales PricePercent of List Price Received
Housing Affordability IndexGlossary of Terms
Market Overview
Key Metrics Historical Sparkbars 4-2012 4-2013 Percent Change YTD 2012 YTD 2013 Percent Change
Key metrics by report month and for year-to-date (YTD) starting from the first of the year.
New Listings 476 479 + 0.6% 1,582 + 2.8%
Pending Sales 379 111 - 70.7% 1,210 976 - 19.3%
1,539
--
Sold Listings 287 337 + 17.4% 860 1,071 + 24.5%
Under Contract -- -- -- -- --Not enough historical data for chart
+ 7.8%Median Sales Price $231,620 $235,000 + 1.5% $219,950 $237,000
4-2010 4-2011 4-2012 4-2013
4-2010 4-2011 4-2012 4-2013
4-2010 4-2011 4-2012 4-2013
4-2010 4-2011 4-2012 4-2013
--Not enough historical data for chart
Average Sales Price $257,289 $266,589 + 3.6% $253,397 $267,730 + 5.7%
Affordability Index 154 160 + 3.9% 161 159
Months Supply -- 3.7 -- --Not enough historical data for chart
Active Listings -- 1,138 -- -- --
Current as of May 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 2
+ 0.8%
Days on Market 107 82 - 23.4% 122 93 - 23.8%
Pct. of List Price Received 97.8% 99.0% + 1.2% 97.8% 98.6%
- 1.2%
-- --
4-2010 4-2011 4-2012 4-2013
4-2010 4-2011 4-2012 4-2013
4-2010 4-2011 4-2012 4-2013
4-2010 4-2011 4-2012 4-2013
4-2010 4-2011 4-2012 4-2013
4-2010 4-2011 4-2012 4-2013
4-2010 4-2011 4-2012 4-2013
4-2010 4-2011 4-2012 4-2013
New Listings
Prior Year
May 2012 511 429 +19.1%
June 2012 473 496 -4.6%
July 2012 471 387 +21.7%
August 2012 418 355 +17.7%
September 2012 303 296 +2.4%
October 2012 330 245 +34.7%
November 2012 241 179 +34.6%
December 2012 164 166 -1.2%
January 2013 317 266 +19.2%
February 2013 348 337 +3.3%
March 2013 438 460 -4.8%
April 2013 479 476 +0.6%
12-Month Avg 374 341 +9.7%
A count of the properties that have been newly listed on the market in a given month.
New Listings
Percent Change from
Prior Year
475 476 479
2011 2012 2013
April
1,502 1,539 1,582
2011 2012 2013
Year to Date
+ 2.8%+ 0.2% + 0.6% + 2.5%- 26.6% - 29.2%
Historical New Listings by Month
Current as of May 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 3
475 476 479
2011 2012 2013
April
100
200
300
400
500
600
700
1-2009 1-2010 1-2011 1-2012 1-2013
1,502 1,539 1,582
2011 2012 2013
Year to Date
+ 2.8%+ 0.2% + 0.6% + 2.5%- 26.6% - 29.2%
Pending Sales
Prior Year
May 2012 396 338 +17.2%
June 2012 385 297 +29.6%
July 2012 362 295 +22.7%
August 2012 287 253 +13.4%
September 2012 274 191 +43.5%
October 2012 262 204 +28.4%
November 2012 224 191 +17.3%
December 2012 189 151 +25.2%
January 2013 283 211 +34.1%
February 2013 275 287 -4.2%
March 2013 307 333 -7.8%
April 2013 111 379 -70.7%
12-Month Avg 280 261 +7.3%
A count of the properties on which offers have been accepted in a given month.
Pending Sales
Percent Change from
Prior Year
300
379
111
2011 2012 2013
April
1,005
1,210
976
2011 2012 2013
Year to Date
- 19.3%+ 26.3% - 70.7% + 20.4%- 32.4% - 20.1%
Historical Pending Sales by Month
Current as of May 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 4
300
379
111
2011 2012 2013
April
100
200
300
400
500
1-2009 1-2010 1-2011 1-2012 1-2013
1,005
1,210
976
2011 2012 2013
Year to Date
- 19.3%+ 26.3% - 70.7% + 20.4%- 32.4% - 20.1%
Sold Listings
Prior Year
May 2012 374 337 +11.0%
June 2012 419 338 +24.0%
July 2012 400 319 +25.4%
August 2012 383 307 +24.8%
September 2012 308 238 +29.4%
October 2012 276 211 +30.8%
November 2012 267 200 +33.5%
December 2012 223 212 +5.2%
January 2013 201 149 +34.9%
February 2013 223 144 +54.9%
March 2013 310 280 +10.7%
April 2013 337 287 +17.4%
12-Month Avg 310 252 +23.0%
A count of the actual sales that closed in a given month.
Sold Listings
Percent Change from
Prior Year
239
287
337
2011 2012 2013
April
734860
1,071
2011 2012 2013
Year to Date
+ 24.5%+ 20.1% + 17.4% + 17.2%- 22.4% - 14.3%
Historical Sold Listings by Month
Current as of May 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 5
239
287
337
2011 2012 2013
April
100
200
300
400
500
1-2009 1-2010 1-2011 1-2012 1-2013
734860
1,071
2011 2012 2013
Year to Date
+ 24.5%+ 20.1% + 17.4% + 17.2%- 22.4% - 14.3%
Median Sales Price
Prior Year
May 2012 $221,750 $218,000 +1.7%
June 2012 $224,500 $223,625 +0.4%
July 2012 $228,000 $227,413 +0.3%
August 2012 $226,350 $209,650 +8.0%
September 2012 $233,750 $215,000 +8.7%
October 2012 $229,950 $215,000 +7.0%
November 2012 $232,000 $217,250 +6.8%
December 2012 $229,000 $211,000 +8.5%
January 2013 $241,000 $206,200 +16.9%
February 2013 $230,000 $210,000 +9.5%
March 2013 $241,959 $223,551 +8.2%
April 2013 $235,000 $231,620 +1.5%
12-Month Avg* $230,000 $219,000 +5.0%
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
Median Sales Price
Percent Change from
Prior Year
$210,000$231,620 $235,000
2011 2012 2013
April
$210,000$219,950
$237,000
2011 2012 2013
Year to Date
+ 7.8%+ 10.3% + 1.5% + 4.7%+ 0.2% + 0.0%
Historical Median Sales Price by Month
Current as of May 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 6
* Average Median Sales Price of all properties from May 2012 through April 2013. This is not the average of the individual figures above.
$210,000$231,620 $235,000
2011 2012 2013
April
$190,000
$200,000
$210,000
$220,000
$230,000
$240,000
$250,000
1-2009 1-2010 1-2011 1-2012 1-2013
$210,000$219,950
$237,000
2011 2012 2013
Year to Date
+ 7.8%+ 10.3% + 1.5% + 4.7%+ 0.2% + 0.0%
Average Sales Price
Prior Year
May 2012 $248,024 $246,406 +0.7%
June 2012 $263,626 $255,628 +3.1%
July 2012 $255,812 $254,456 +0.5%
August 2012 $259,649 $244,439 +6.2%
September 2012 $263,617 $263,869 -0.1%
October 2012 $267,362 $249,906 +7.0%
November 2012 $259,893 $259,647 +0.1%
December 2012 $261,995 $251,023 +4.4%
January 2013 $272,087 $240,909 +12.9%
February 2013 $267,869 $232,717 +15.1%
March 2013 $266,047 $266,687 -0.2%
April 2013 $266,589 $257,289 +3.6%
12-Month Med* $261,901 $252,899 +3.6%
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
Average Sales Price
Percent Change from
Prior Year
$239,823$257,289 $266,589
2011 2012 2013
April
$240,049$253,397
$267,730
2011 2012 2013
Year to Date
+ 5.7%+ 7.3% + 3.6% + 5.6%- 2.2% - 0.1%
Historical Average Sales Price by Month
Current as of May 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 7
* Average Sales Price of all properties from May 2012 through April 2013. This is not the average of the individual figures above.
$239,823$257,289 $266,589
2011 2012 2013
April
$220,000
$230,000
$240,000
$250,000
$260,000
$270,000
$280,000
1-2009 1-2010 1-2011 1-2012 1-2013
$240,049$253,397
$267,730
2011 2012 2013
Year to Date
+ 5.7%+ 7.3% + 3.6% + 5.6%- 2.2% - 0.1%
Percent of List Price Received
Prior Year
May 2012 98.4% 97.9% +0.5%
June 2012 98.6% 97.6% +1.0%
July 2012 98.7% 97.5% +1.2%
August 2012 98.2% 97.6% +0.6%
September 2012 98.3% 97.1% +1.2%
October 2012 98.3% 97.6% +0.7%
November 2012 98.2% 97.0% +1.2%
December 2012 97.5% 98.1% -0.6%
January 2013 98.0% 97.2% +0.8%
February 2013 98.2% 97.7% +0.5%
March 2013 98.7% 98.2% +0.5%
April 2013 99.0% 97.8% +1.2%
12-Month Avg* 98.4% 97.6% +0.8%
Percentage found when dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.
Pct. of List Price Received
Percent Change from
Prior Year
97.5% 97.8% 99.0%
2011 2012 2013
April
97.5% 97.8% 98.6%
2011 2012 2013
Year to Date
+ 0.8%+ 0.3% + 1.2% + 0.3%- 0.1% 0.0%
Historical Percent of List Price Received by Month
Current as of May 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 8
* Pct. of List Price Received of all properties from May 2012 through April 2013. This is not the average of the individual figures above.
97.5% 97.8% 99.0%
2011 2012 2013
April
96.0%
96.5%
97.0%
97.5%
98.0%
98.5%
99.0%
1-2009 1-2010 1-2011 1-2012 1-2013
97.5% 97.8% 98.6%
2011 2012 2013
Year to Date
+ 0.8%+ 0.3% + 1.2% + 0.3%- 0.1% 0.0%
Days on Market Until Sale
Prior Year
May 2012 89 125 -28.8%
June 2012 91 109 -16.5%
July 2012 85 102 -16.7%
August 2012 91 101 -9.9%
September 2012 92 109 -15.6%
October 2012 107 113 -5.3%
November 2012 97 117 -17.1%
December 2012 101 125 -19.2%
January 2013 101 142 -28.9%
February 2013 118 130 -9.2%
March 2013 83 124 -33.1%
April 2013 82 107 -23.4%
12-Month Avg* 93 115 -19.1%
Average number of days between when a property is listed and when an offer is accepted in a given month.
Days on Market
Percent Change from
Prior Year
117107
82
2011 2012 2013
April
127 122
93
2011 2012 2013
Year to Date
- 23.8%- 8.5% - 23.4% - 3.9%+ 3.5% + 10.4%
Historical Days on Market Until Sale by Month
Current as of May 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 9
* Average Days on Market for all properties from May 2012 through April 2013. This is not the average of the individual figures above.
117107
82
2011 2012 2013
April
80
90
100
110
120
130
140
150
1-2009 1-2010 1-2011 1-2012 1-2013
127 122
93
2011 2012 2013
Year to Date
- 23.8%- 8.5% - 23.4% - 3.9%+ 3.5% + 10.4%
Housing Affordability Index
Prior Year
May 2012 162 152 +6.6%
June 2012 161 150 +7.3%
July 2012 161 147 +9.5%
August 2012 161 162 -0.6%
September 2012 160 161 -0.6%
October 2012 161 160 +0.6%
November 2012 161 160 +0.6%
December 2012 164 164 0.0%
January 2013 158 168 -6.0%
February 2013 160 166 -3.6%
March 2013 153 156 -1.9%
April 2013 160 154 +3.9%
12-Month Avg 160 160 0.0%
This index measures housing affordability for the region. An index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
Affordability Index
Percent Change from
Prior Year
154 154 160
2011 2012 2013
April
154 161 159
2011 2012 2013
Year to Date
- 1.2%0.0% + 3.9% + 4.5%+ 6.2% + 6.2%
Historical Housing Affordability Index by Month
Current as of May 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 10
154 154 160
2011 2012 2013
April
130
140
150
160
170
1-2009 1-2010 1-2011 1-2012 1-2013
154 161 159
2011 2012 2013
Year to Date
- 1.2%0.0% + 3.9% + 4.5%+ 6.2% + 6.2%
Glossary of Terms
New Listings
Pending Sales
Under Contract Activity
Sold Listings
Median Sales Price
A research tool provided by the Colorado Association of REALTORS®
A measure of how much new supply is coming onto the market from sellers. In other words, a month's New Listings are those listings with a system list date from the first day of the month through the last day of the month.
A count of all the listings that went into Pending during the reported period. Pending listings are counted at the end of the reported period. Each listing can only be counted one time. If a listing goes into Pending, out of Pending, then back into Pending all in one reported period, this listing would only be counted once. This is the most real-time measure possible for home buyer activity, as it measures signed contracts on sales rather than the actual closed sale. As such, it is called a "leading indicator" of buyer demand.
A count of all listings Under Contract during the reported period. Listings that go Under Contract are counted each day. There is no maximum number of times a listing can be counted as Under Contract. For example, if a listing goes into Under Contract, out of Under Contract, then back into Under Contract all in one reported period, this listing would be counted twice.
A measure of home sales that were closed to completion during the report period.
A measure of home values in a market area where 50% of activity was higher and 50% was lower than this price point.
Average Sales Price
Percent of List Price Received
Days on Market Until Sale
Housing Affordability Index
Active Listings
Months Supply of Inventory
A measure of the number of homes available for sale at a given time. The availability of homes for sale has a big effect on supply-demand dynamics and home prices.
A measure of how balanced the market is between buyers and sellers. It is expressed as the number of months it would hypothetically take to sell through all the available homes for sale, given current levels of home sales. A balanced market ranges from 4 to 7 months of supply. A buyer's market has a higher number, reflecting fewer buyers relative to homes for sale. A seller's market has a lower number, reflecting more buyers relative to homes for sale.
A sum of all home sales prices divided by total number of sales.
A mathematical calculation of the percent difference from last list price and sold price for those listings sold in the reported period.
A sum of all home sales prices divided by total number of sales.
A measure of how affordable a region’s housing is to its consumers. A higher number means greater affordability. The index is based on interest rates, median sales price and average income by county.
Current as of May 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 11
